It's a disgrace what insurance has done to old cars

Del2005

We have a farm and had an old car down there to teach the kids how to drive but it died after several years. So we decided we needed another car for the next batch. Set a limit of €100 and had a quick look on donedeal to realise that they don't have many cars for that price so moved up to €200. Was just looking for anything with an NCT and road legal.

Spotted an 01 car for €190 in a garage close by so decided to check it out. Went to look at it and the power steering wasn't working on the test drive and there was a few other small issue, but it had 4 good tyres and the brakes worked so took it off them as it was a <€200 car! When we got it home and had a proper look at it it had 2 new and 2 nearly new tyres, new brake pads and 4 brand new hud caps. We serviced it and I then drove it to the farm. The car was perfect on the road and well capable of handling motorway speeds.

It's a better car than a lot of newer cars I know and a few years ago this would have been an ideal learners car or banger. Even the lads in the garage would have taken it to do up to keep or sell on. Anyone who's seen the car thinks that it was over a €1000, but no because insurance companies* have made it nearly impossible to insure >10 year old cars this fine little car was ignored by the garage it was traded to and all the staff, as for little money they could have made 5 times more money. I nearly felt bad putting such a good car into a field but at least there it's going to have a few years of driving, if we didn't take it would have ended up being scrapped.



* our claims culture is what's making insurance companies stop covering old cars.

soups05

i drove an 02 bora until recently, a pothole in dublin busted the sub frame. now i drive an 07 megane. cheap cars can still be found and insured, but they are cheap for a reason lol. the bora lasted for about 6 months, the vectra before it for about 12 months, both cost 300 euro and both had nct and at least some tax when i got them.

the megane has a year nct too so just had to tax it

alan partridge aha

I have a 02 TDI Bora from new, still on the road going strong as ever.

Del2005

The problem is that they are too cheap now because of insurance issues. If people could get reasonable insurance there's no way that the car we got would have been so cheap.

ayux4rj6zql2ph

This post has been deleted.

power pants

Have a 28 year old car as a daily

400 a year insurance (395)

ayux4rj6zql2ph

This post has been deleted.

tylercheribini

I insured a 05 yaris this year fully comped for 800 euro.

Kenny Logins

I have 2002 Audi A4 that will probably end up broken for parts. Grand car, just too much hassle for most people.

boombang

I wonder what an analysis would say about the time lag between the purchase/first insurance of a car and the resulting insurance claim. I suspect this time period must be relatively short in spurious claims.

Ginger83

We've an 01 Micra as a spare car. Fully comp 3 yrs ago 290, renewal last week 3 times that.

Its used an odd day to go a mile down a back back road so we're not renewing....f**k 'em

slavetothegrind

it does seem to be a racket by the insurers .

It's not hard to weed out serial claimers or first time insured.

When you are roasting people with 20 years of insurance and no claims buying a 10 year old car that is gouging plain and simple.

Liam McPoyle

boombang wrote: »

I wonder what an analysis would say about the time lag between the purchase/first insurance of a car and the resulting insurance claim. I suspect this time period must be relatively short in spurious claims.

It's clearly a factor in claims because the majority of insurers now ask "when did you purchase/how long do you own this vehicle" as part of their questions.

https://www.google.ie/url?sa=t&source=web&rct=j&url=https://www.independent.ie/irish-news/courts/compensation-claims-crisis-judges-told-to-slash-payouts-37162760.html&ved=0ahUKEwjPzMOC69jcAhUKTsAKHY3FBg0QqQIIKCgBMAE&usg=AOvVaw2Lp0t_F1FbMIObRPmFVly1

Have a look at the chart in the above link with relation to payout compared to other European countries.

If someone is going to try and engineer a claim they aren't going to spend €5000 on a car, they will buy a junker for a couple of hundred quid.

As for the op, i suspect the fact that the car was to be used to teach kids to drive is as big / more of an issue than the age of the car.

Arthur Daley

slavetothegrind wrote: »

When you are roasting people with 20 years of insurance and no claims buying a 10 year old car that is gouging plain and simple.

Suits the government and wider motor lobby to get people out of older cars too. NCT, road tax, insurance, get them whatever way you can.

colm_mcm

How much profit do you think the government makes out of NCT?

fepper

colm_mcm wrote: »

How much profit do you think the government makes out of NCT?

Don't they get the VAT element that charged to us when paying For the nct

Del2005

Business Cat wrote: »

As for the op, i suspect the fact that the car was to be used to teach kids to drive is as big / more of an issue than the age of the car.

I'm bringing the car into the field because no one wants it for road use. The car is way better than the cars of some my friends but because it's 17 years old nobody wants it.

Tea drinker

fepper wrote: »

Don't they get the VAT element that charged to us when paying For the nct

For the NCT staff - PAYE, USC and of course of the remainder, 10 - 20% VAT on everything the employees buy. I was going to say I doubt it's losing them money, but it's the government so, uhh yeah maybe.

CeilingFly

slavetothegrind wrote: »

When you are roasting people with 20 years of insurance and no claims buying a 10 year old car that is gouging plain and simple.

The issue is with the media and their hysterical bullsh1t.

Insurers have no issue insuring 10 year old + cars - once you have a decent history of insurance.

They have an issue with people with little previous insurance history wanting to insure cars of little value.

My mother's car is a 2004 corolla and no issues insuring it. My brother's car is 2006 and he's no issues insuring it.



Too many people believe the utter sh1te in the media rather that check for themselves.

Tea drinker

Ah the old cars are very expensive even if you are with the company for years, with the same car.
I know some insurers won't quote you on a 10+ year old car.

There's been several high profile traffic related personal injury claims thrown out of court in past few weeks, chancers not disclosing previous accidents etc. Dunno why we (they) put up with it for years

Patrick2010

I drive a 99 Avensis, insurance this year fully comp for 480 euro.

ImARebel

we'd to sell a fab 05 mazda 3 diesel last year, brilliant little car. Insurers wouldn't insure it despite the fact we'd had it since 2007.

now we're insuring a newer car for twice the price, the insurance companies in this country are making a killing at our expense

terrydel

Worked for a general insurance company for 14 years.
They really are a bit of a joke and run by clowns in my experience.
They made money mostly off investments during the good years, never really made money off premium, so when the economy nosedived, they were f**ked and for years couldnt managed to right their ships. The only managed to do it by the most simplistic way possible, hiking the cost of policies thru the roof. Thats the level and quality of people at the top of these companies.
So thats the mentality behind this nonsense of pricing older cars off the road.
It'll only change when they are forced to actually run their business properly, not relying on investment income or blatant ripping off of customers.
Legislation on pricing will force them to get their act together and learn their job.

Eggs For Dinner

terrydel wrote: »

They made money mostly off investments during the good years, never really made money off premium, so when the economy nosedived, they were f**ked and for years couldnt managed to right their ships. The only managed to do it by the most simplistic way possible, hiking the cost of policies thru the roof. t.

So you're saying the low premiums being charged back then were subsidised by investment profit, as the prices being quoted didn't cover the cost of the claims. Now that the investment income is gone, the premium needed to meet claims being paid is very high

I'd agree with that

BronsonTB

power pants wrote: »

Have a 28 year old car as a daily

400 a year insurance (395)

Your doing good on both accounts but a lot of the issue arises when you try to insure an older car for 'new business'. This is when Ins companies are quoting high prices making the older car too expensive to insure.

Are you an existing customer with the same car insured for years with them?

draiochtanois

This post has been deleted.

Rows Grower

colm_mcm wrote: »

How much profit do you think the government makes out of NCT?

I'd love to know the answer to this question.

How come the MOT test up the road in the north only costs £54.85 maximum and can be done for as little as £30?

I think it's around 56 euro in Germany for a test.

I don't know how much the government gets from each test, but they do control the market and we are the ones being forced to pay exorbitant fees.

Tea drinker

Patrick2010 wrote: »

I drive a 99 Avensis, insurance this year fully comp for 480 euro.

I drive an 03 Passat, insurance has gone up 100 per year last 3 - 4 years
I have it around 600 now think that's fully comp but on a scheme through my job knockin 60 euro or so off, and several other discounts apart from max NCB.
Same insurer for years, others refused my business

Rows Grower

Tea drinker wrote: »

I drive an 03 Passat, insurance has gone up 100 per year last 3 - 4 years
I have it around 600 now think that's fully comp but on a scheme through my job knockin 60 euro or so off, and several other discounts apart from max NCB.
Same insurer for years, others refused my business

CeilingFly will surely be able to sort that out for you.

According to him insurance prices are dropping and anyone saying otherwise is only repeating media hype.

Despite the facts.

eringobragh

Tea drinker wrote: »

I drive an 03 Passat, insurance has gone up 100 per year last 3 - 4 years
I have it around 600 now think that's fully comp but on a scheme through my job knockin 60 euro or so off, and several other discounts apart from max NCB.
Same insurer for years, others refused my business

Would a proportion of that not be down to the felters driving up the premium?

Liam McPoyle

terrydel wrote: »

Worked for a general insurance company for 14 years.
They really are a bit of a joke and run by clowns in my experience.
They made money mostly off investments during the good years, never really made money off premium, so when the economy nosedived, they were f**ked and for years couldnt managed to right their ships. The only managed to do it by the most simplistic way possible, hiking the cost of policies thru the roof. Thats the level and quality of people at the top of these companies.
So thats the mentality behind this nonsense of pricing older cars off the road.
It'll only change when they are forced to actually run their business properly, not relying on investment income or blatant ripping off of customers.
Legislation on pricing will force them to get their act together and learn their job.

So they can't make money from investment activity given the low returns being paid.

And you don't want them to make any money from premium income.

How precisely are they supposed to operate their business and make any money, you know, what any business needs to do to stay in business?

If you worked in insurance for 14 years but you seemingly cannot grasp how insurance companies actually work, you made the right decision to not work in the industry, it's clearly not for you.

Rows Grower

eringobragh wrote: »

Would a proportion of that not be down to the felters driving up the premium?

?

Twenty Grand

Business Cat wrote: »

So they can't make money from investment activity given the low returns being paid.

And you don't want them to make any money from premium income.

How precisely are they supposed to operate their business and make any money, you know, what any business needs to do to stay in business?

If you worked in insurance for 14 years but you seemingly cannot grasp how insurance companies actually work, you made the right decision to not work in the industry, it's clearly not for you.

A bit like estate agents. Made mountains of cash during the boom, then when the economy nosedived, they raised their rates to maintain their cash flow.

Eggs For Dinner

Twenty Grand wrote: »

A bit like estate agents. Made mountains of cash during the boom, then when the economy nosedived, they raised their rates to maintain their cash flow.

While they were making profit, they were offering unsustainable below cost premiums to motorists. Nobody complained then. Unfortunately, it was poor business practice and masked the causes of high claims which should have been addressed long before now, namely fraud, ridiculous injury awards and excessive legal & professional costs.

reubenreuben

My cousin has a 14 year old car with only 40 thousand km on it. Its drives as new but struggling to get insurance for it.

Its crazy, there is nothing wrong with it yet try to get insurance on it.

I think this is pressure coming from the motor dealers to get you to buy a newer car.